How Accountants Can Capitalize on the Big Data Movement

Data science is now the fastest growing trend in the United States, and that’s not surprising when you think about the overwhelming amount of information we collect on a daily basis. Almost every interaction can now be translated into a consumer trend or some kind of performance measure. Maybe you’re thinking as an accountant that you’re job isn’t affected by such trends, but the truth of the matter is – it is – we are all affected by the big data trend.

Accountants, financial analysts, examiners and auditors are all facing the reality of a total financial information overload. We’re talking about both unstructured and structured data that’s in such mass it’s pouring off your desk and slowing down your computer speed. And this big data surge is coming at a time when our markets are changing and our technology is growing at a speed never before seen in history. The truth is…if you’re not growing with these trends, then you’re simply falling behind, ultimately risking the existence of your business. So how exactly do you keep up with your growing workload while also pushing forward to remain ahead of the curve, or simply just to remain relevant?

It’s time for accountants to dominate the big data game, not only mastering the data collection process FASTER but also offering your clients MORE answers, MORE insight and MORE promising plans for the future.

To start, invest in anautomated data entry software (and not just any – you need to invest in the RIGHT software). As the first step of a successful accounting practice, data collection and data entry can often be the most time consuming step. Not only does all the data have to be gathered and entered, it also needs to be accurate – to avoid later consequences. Smart, industry leading – automated data entry software allows accountants to completely forgo this first tedious data collection step and ends up saving accountants about 90% more time.

Look for an automated data entry software that doesn’t just spit out raw data, look for one that produces quality data. The right software is able to read any computer generated financial document and automatically transfer it in to an Excel spreadsheet or integrated accounting system in just a couple of minutes . You can even scan paper documents or simply upload PDFs to the software. Proprietary software can customize the fields you want to pull from each document. Whether it be one account or multiple accounts, the software will organize the data according to your needs. Automated data entry software offers various ways to test and prove for 100% data accuracy every time, no matter the number of documents. Find a feature rich software to ensure minimal work on your end, one that produces clean, fast and easy to read results.

With the right automated data entry software, there’s no limit to how much data accountants can process quickly and efficiently, leaving the majority of time to study, analyze, and forecast better plans for the future of their clients. Automated data entry software is the accountant’s key to the acceleration and domination of today’s ‘Big Data’ world.